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everyone. i'm susie gharib. the economy is barely growing, so the federal reserve says it will keep buying bonds to stimulate growth, and create more jobs. >> tom: i'm tom hudson. facebook's latest earnings beat the street, but while the company saw big gains in mobile ad sales, it's costs also shot up. >> susie: and rim, rolls out the new blackberry 10, a new name, and a new ticker symbol, we look at what's riding on all those bold moves. >> tom: that and more tonight on "n.b.r."! >> susie: the federal reserve said the economy "paused" in recent months, so it's keeping its key interest rate near zero. the decision from policymakers today came on a day of mixed reports about the u.s. economy. on the jobs front, a strong payrolls report showed private employers added 192,000 jobs in january, much more than economists expected. but the commerce department said economic growth, contracted in the last three months of 2012. the g.d.p. shrank by 0.1% the first time that's happened since the financial crisis began. the fed said in its policy statement today that it continues to see "downside risk
continues to see "downside risks" to the economy. unemployment is still "elevated". but household and business spending advanced. >> susie: darren gersh begins our coverage with that weak reading on the economy. >> reporter: last quarter, defense spending fell off the fiscal cliff. as lawmakers bickered, manufacturers who make things for the pentagon cut back production sharply-- defense spending fell 22% in the latest g.d.p. report, tipping the economy into the red. >> certainly manufacturers are pulling back and i think this is a bit of a wake up call that these cuts are real and that they have real effects on the economy. >> reporter: economists and markets did not panic over the drop into the red, because the economy is still showing signs of solid growth. businesses are still buying equipment and software. housing continues to bounce back. and consumer spending held up well, expanding at an annual rate of 2.2%. >> so if you look through some of the volatile components, demand underneath was solid and it doesn't suggest the economy is losing momentum. so a scary headline numb
the wrong way. the economy slinks bringing on fears of a new recession. this is "special report." ♪ ♪ >> bret: good evening. i'm bret baier. hard slap in the face tonight from reality. economy thought to be improving shocked experts and shrank in the final months of last year. huge falloff from gain last summer. white house correspondent wendell goler with an explanation and reaction. >> less than two weeks after the president said in the second inaugural address that an economic recovery had begun, the commerce department said not so fast. the biggest drop in defense spending in 40 years combined with a decline in exports and slow growth in company stock piles slashed economic growth from 3.1% in the third quarter to minus 1/10th in the fourth. first negative quarter since 2009. white house downplayed the report and gave the republicans part of the blame. >> home prices are starting to climb back. consumer confidence overall has been rising and consumer spending is rising. but there is more work to do. our economy is facing a major head wind that goes to your point. republi
economy, keep jobs at home, how can you be sure you do the right thing. to sort through it all is todd marks. todd, great to have you on the show. thank you so much for being with us. >> oh, my pleasure, gerri. gerri: how do you know? they label these things every which way. how do you know which products are made in america? >> well, they are very serious and very complex, arcane rules governing what it means to be made in america. there's claims called qualified, made in the usa, no ambiguity. there's qualified claims, made in the u.s. of parts made in china. they are created here. gerri: hey, todd, like apple, created in california, asemilled in china. >> that confusion prompts people to scratch their head. we get letters all the time. how can it be? the laws are clear, but they are not. well, they may state that, you know, when they create laws about what it mean to be made in america, it says, in order to say it's unqualified made in america, there can be no ambiguity, and you don't want to mislead a reasonable person. you can't plant that idea. the companies do it with symbols, s
on. one at a time. is it possible to raise taxes and grow the economy simultaneously? >> absolutely. i don't think that's the best model, i think the economy can grow in spite of that. >> you have art he said that we need to put the taxes on the back burner? >> absolutely. the one we will finish this later. we will have you guys back again soon. thank you all for watching this show. we will have you back soon. t bul you hear what we found out about made in america. also, markets hit new highs. what's driving the latest run? can it last? your smart fun about to shame you in public. tonight, we have the apps that keep you in line and on time. "the willis report" is on the case. gerri: "the willis report" is on the case more on those stories in a moment, but, first, when you buy made in america, how do you really know it's made in america? labeling laws are confusing, and some products, well, they just outright lie about where it's made. if you want a healthy economy, keep jobs at home, how can you be sure you do the right hing. to sort through it all is todd marks. todd, great to have
] charles: hold on, hold on. one at a time. is it possible to raise taxes and grow the economy simultaneously? >> absolutely. i don't think that's the best model, i think the economy can grow in spite of that. >> you have art he said that we need to put the taxes on the back burner? >> absolutely. the one we will finish this later. we will have you guys back agai. david: friday numbers will be critical. melissa francis is next. melissa: i'm melissa francis and here's what's "money" tonight. what did boeing's management know and when did they know it? a new report says boeing was aware of the dreamliner's battery problems all along. so why wasn't anything done? we have a top former air safety official to weigh in on that one. >>> plus gdp growth comes to a screeching hot happen. major reason is because government spending plunged 15%. isn't that a good thing? trying to bring you a silver lining. the power panel talks about. >>> they are helping to soften the blow for its employees. maybe something to suggest to your boss tomorrow. the company's ceo joins us exclusively with the
the afternoon. i'm shepard smith. >> neil: economy is suffering, is this time to be hiking. i'm eric bombing and the economy isn't just slowing it's shrinking. it dropped by tenth of percent. it's the first time that happened in three and a half years. all this as democrats are pushing for more tax hikes. former reagan advisor art laffer says that is the last thing we need. first thing in three and a half years we will an actual contraction in the economy and brought it to 2.1%. we spent $5.8 trillion and this is what we get for it. >> it's just dumb on the outside. government spending is milton friedman is taxation. government doesn't create resources, it redistributes resources and this government spending is why we had the recession. obama continued the bad job for four straight jobs and this is the result. >> eric: but they would say isn't for government spending we would have no growth? >> government spending it's not in spite of government spending it's because of the government spending. we think of it, you got two guys in the world, "a" and "b". if "b" gets unemployment benefits who
a great night. ♪ lou: >> a very good evening. i'm lori rothman. the obama -- obama economy heading a stumbling block, suffering its first decline since the end of the recession. the government cutting spending and u.s. businesses trying down inventories in the fourth quarter causing the economy to contract for the first time in more than three years. u.s. gross domestic product falling a rate of a tenth of a percent, that is the worst performance since the second quarter of 2009. this is growing at a 3% clip in the third quarter of last year. the federal reserve today saying that growth has stalled, but telling the public temporary, pledging to continue with the easy money policy into the outlook for employment improved substantially, the news coming as somewhat of late surprised as economists predicted. the economy hit with super storm sandy in late october causing extensive damage along the east coast, seen as a major factor. economists see the same growth in excess of 3 percent will be needed to significantly lower unemployment and get at least some of the 23 million unemployed
economy, and the influence of our diplomacy and the creative energy of our people remain unrivaled. no, it is because as the world has changed, so to have a level -- the levers of power that can most effectively shape international affairs. i have come to think about it like this. truman and acheson were killed in the parthenon with classical geometry and clear lines. tellers or a handful of big institutions and alliances dominated by major powers. that structure delivered unprecedented peace and prosperity. time takes its toll, even on the greatest edifice. we do need a new architecture for this new world. more frank gehry than formal greek. some of his work at first might appear have howser. in fact, it is highly intentional -- half hazard. in fact, it is highly intentional and sophisticated. today, we need a dynamic mix of materials and structures. american military and economic strength will remain the foundation of our global leadership. as we saw from the intervention to stop the massacre in libya to the rate at brought osama bin laden to justice, there will always be times when
of an economy. rich: if any of the amendments pass, the bill then heads back to the house. the senate will very likely said this bill to the president's desk this evening. the sequester beginning in march in a large portion of government authority running out march 7. if they fail to reach a spending puma we will have another government shutdown. back to you. connell: let's bring in band manager. -- let's bring in dan and. the president is a bully. is that what that means? >> clearly, john boehner is now understanding that what is going on is he is in the thunder dome. rather than in a good-faith negotiation with the president. i am so glad, dagen, in your introduction $450 at least twice. $450 billion is incomprehensible. the democrats are arguing that the to spend this money because they feel that with the economy weak public spending will lift the economy. every dime spent will raise the economy a dollar $0.50. the republicans are arguing that rather than say spend -- let's talk about this the questionnaire. rather than spend that $69 billion, let's take it and put that 69 billion back in th
.s. economy has gone into reverse, shrinking 1%. it is the first contraction since the financial crisis started. >> congress was sworn to come to a deal. the row over the fiscal cliff hit business confidence. analysts on wall street were expecting growth of 1%. the symbolism is huge. >> when people see a negative number, you worry if the economy is going into recession. when people look at the details, they see that under the surface, this was not such a bad report. >> there was a cut in government spending, particularly in the sense. consumer, and hence -- there was a cut in government spending, particularly in defense. the fiscal cliff has not been sorted, only put off for a few weeks. there is no sign of a deal between republicans and democrats. >> we need to look seriously at what is done with the government directly and indirectly. we will see some real budget reform take place. we might have a better economy in the future. >> the u.s. has lost its triple aaa credit rating. spending cuts and tax rises in the coming weeks. analysts have said these discussions would have little impac
. often they do that in the shadow economy, a place where employers may offer them less than the minimum wage or make them work overtime without extra pay. when that happens, it's not as bad for them, it's bad for the entire economy, because all the businesses that are trying to do the right thing that are hiring people legally, paying a decent wage, following the rules, they are the ones to suffer. they have got to compete against companies that are breaking the rules. the wages and working conditions of american workers are threatened as well. if we are truly committed to strengthening our middle-class and providing more ladders of opportunity to those who are willing to work hard to make it into the middle class, we've got to fix the system. we have to make sure that every business and every worker in america is pulling by the same set of rules. we have to bring in the shadow economy into the light so that everybody is held accountable. the businesses and the immigrants getting on the right side of the law. common-sense. that's why we need comprehensive immigration reform. host: presi
. >>> first up, spanish economy contracted more than forecast with gdp down 1.8% annually, .7% from the previous quarter. analysts were looking for a smaller 1.7% drop over last year. speaking after the release, the spanish prime minister, mariano rajo, planned to announce new stimulus measures shortly. joining us are sarah perez fruitos, manager at brunswick capital, and sarah foley. add the gdp number to the awful retail sales, forecasts now that spain will still be in contraction in 2014, i don't see how it's at all possible the spanish government is going to meet -- they'll set out revised budget targets. i don't see how they'll meet any of them. >> really, the t's about the figures that we knew this morning. basically because last quarter we have an increase on the vat taxes and really we pass from the bat from 70% four years ago to 21% now in the last quarter. really as you say, the retail -- the consumer has fallen down dramatic. we need to remember that the public employees has cut their extra payment from the christmas extra payment. and this situation with no more extra fo
, it was still a healthy number that should continue to help the economy. >> reporter: the main reason for optimism: those positive revisions to november and december jobs data. it turns out, the government underestimated how many positions were added by 127,000. it was that miscounthat helped push the dow over 14,000 for the first time in more than five years. and, at 14,000 the blue-chip index is about 150 to 200 points away from its all-time high. market pros like wayne kaufman predict new highs for stocks in coming weeks. >> many investors, retail investors, individual investors are reaching the point of recognition where they no longer believe the economy is going to collapse again, or that the stock market is going to collapse again. >> reporter: surely, an improving job market will keep investors jazzed about stocks. to that end, economists expect employers to continue adding about 150,000 jobs a month this year and the unemployment rate to inch lower. >> i think by the end of the year we're probably going to be looking at unemployment rate of 7.5% to 7.4%. certainly not low eno
of a shadowy economy for too long. husbands and wives are afraid to be torn apart. children are afraid their parents will be deported. our lawmakers should finally bring them into the light. joining me now is richard wolffe and victoria defrancesco soto. let me go to you. immigration reform is now inches closer to what is happening. is this true in your opinion that we are seeing what is actually inching closer and closer into reality? >> reverend, it won't be easy, but i do believe it will happen. this is a very strong initiative that we see being put forward by both the bipartisan senate committee and by the president. and it is so strong. because it is a piece of legislation that has learned from the mistakes of the past two immigration reforms. so in 1965, the heart seller act focussed on family reunification but ignored workers and the need for workers to come to the u.s. that's really the main route of documented immigration today. with the immigration reforming control act, it put forward employer sanctions. but it had no teeth. so we saw the big failures of both of these immigr
. >> policy wise, i think that they help our economy. >> legal or illegal. >> giving foreign workers access to our labor markets makes those markets more efficient and make us more productive country economically. that has been the case for hundreds of years in this country. just as the free trade of goods and services makes our economy more efficient so does the free movement of labor across international borders. that the is the economic case. these workers are filling niches in our labor market. >> paul: but they are already here. so 11 million is the estimate. why just not settle for the status quo rather than put them on a legal path and change the law? >> first of all, if they are here illegally, they are open to exploitation by employers. we don't want that. the economy has absorbed those that already here, but our economy will continue to grow, maybe not as much as we like under the current president. we will grow again and have a need for more workers. we need a legal way for them to come. >> we need skilled workers, scientists and engineers because we are not graduating enough ame
legal immigration that will build the american economy and strengthen american families. third, we create an effective employment verification system that will present identity theft and tend hiring of future unauthorized workers and lastly, we establish an improved process for e admitting future workers to serve our work force needs while protecting all workers. other bipartisan senators have stood in the same spot before trumpeting similar proposals. but we believe this will be the year congress finally gets it done. the politics on this issue have been turned upside down. for the first time ever, there is more political risk in opposing immigration reform than in supporting it. opportunity to act. but we will only succeed if the effort is bipartisan. by their presence today, my republican colleagues are making a significant statement about the need to fix our broken immigration system. we democrats are equally serious. we do not want immigration as a wedge issue. much rather we want a bipartisan bill that solves the problem and becomes law. we recognize that in order to pass bip
willing to hurt the economy itself. it's that's what it takes to hurt the president, they're willing to do it. >> any immediate economic setback or the perception of one could weaken obama's clout. maybe a sour economy is worth it if it will distract obama. >> there's a lot of talk these days about how the gop can come back politically. the quickest possible way politically with a contracting economy, if it happened again in the next quarter, that's a recession. >> shrinking the economy is a gop plan for a quick comeback? a sowerer economy is worth it if it distracts obama? folks, they really mean this. but despite it all. , the economy is improving under this president. we now have 35 straight months of private sector job growth. we've also learned today the economy added over 2 million jobs last year. the best year for the jobs since 2005. republicans are playing politics with people's lives. they're obsessed with cuts instead of jobs. they're focused on spending instead of hiring. the president kept his job because the american people trust him to create jobs for them. republicans just
sure the software economy of 9/11 did not jeopardize her ability to create jobs and opportunities for americans at home. tax rates coming down. people should understand the entrepreneurial spirit of america needs to have a predictable tax policy and weight that do not burden the road. right now we have tax rate discussions that ur economy and that's not good. liz: it's hard to understand. the average hard-working american doesn't always understand what is happening. basically presidt george w. bush got vilified for raising the. despite the fact that on his watch the berlin wall fell, the soviet union collapsed or it at the same time, this president that we have a thing that saying that i will not raise taxes on the middle class family. i won't even raise capital gains taxes. how are we, in this day and age, when president barack obama does not get criticized? >> people should look at what the first president bush did when he did have new taxes. it cost him reelection, but he did the right thing. he got something. he he got disciplined into the federal government. he drove discipli
economy really slumping? and how stupid is it for the president to dissolve his jobs council, which by the way was nothing more than business window dressing anyway. at least today congress did pass a debt ceiling extension so we won't go bankrupt immediately. joining me now, cnbc chief international correspondent michelle caruso cabrera and laffer. i want to ask you about this whole business. government spending on defense really collapsed and helped bring down yesterday's gdp. >> yes, it did. >> so all the liberals are saying see, we told you so, if you cut spending, you're going to ruin the economy. do you believe that? >> no, not at all. government spending is taxation. milton always said it. the government redistributes resources. you can see it really clearly. two-person world, farmer a and farmer b, if farmer b gets unemployment benefits, who do you think pays for them, farmer a? you know, government spending is taxation. the reason we have the great recession is because of the government spending, not in spite of it. >> follow-up. it would be bullish for economic growth. >>
, we are growing, not fast enough. i mean the economy is doing all right. and, you know, the question is going to be now what does congress and president do together. melissa: simon, we're not growing. it is negative. that is the point of the segment. we're not growing. >> i understand. the thing is the economy is doing all right. it is not doing really bad. it is not doing really great. somewhere in the middling place it has been last couple years. that didn't substantially change. as you heard from the other guests. the key thing what is congress and the president going to do? how do we balance need for more growth with also deficit reduction in the next few months. that is where the big battle will be in washington i think. >> let me answer that question. melissa: go ahead. >> i think it is a good one. this is the big political battle, this is one of the reasons i think that the huge fiscal stimulus we had in 2009 was such a expensive mistake because what we did essentially we overloaded the economy with all of this deluge of government spending and essentially what we've done now
, minus one, plus one. all that is a power point. our economy is sluggish today, and there's no reason for it. we have a wonderful country. we have great resources, we still have a free world, the opportunity to move forward. here's my message to the leadership in washington, get in the game. >> thank you. >> join us on monday. have a great weekend. "squawk on the street" starts right now. >>> we have breaking news on this jobs friday. welcome to "squawk on the street." i'm melissa lee, with carl quintanilla and david faber. we're closing in on 14,000. a leg higher in futures just moments ago. the dow looking at 112 points at the open. the s&p 500 looking at about 11 at the open. of course, this is after the best month for january, since january of 1987. as for the picture over in europe, taking the lead from here in the united states in terms of gains, we do see the cap up by 1.3%, and the dax in germany up .6 of 1%. in asia, the real star is the nikkei, embarking on 12-week winning streak with the yen weakening down to 92 versus the u.s. dollar. of course, the road map here starts wi
and cuts in defense spending. it did not announce any new action to stimulate the economy. wall street reacted by giving up some of its recent gains. the dow jones industrial average lost 44 points to close at 13,910. the nasdaq fell 11 points to close at 3,142. those are some of the day's major stories. now, back to jeff. >> brown: whither the economy? that's been the question for quite a while now. today, there was a surprising and perhaps confusing new twist. the commerce department reported that gross domestic product actually shrank in the last quarter of 2012. the drop was small, one tenth of a percent. but it was still the first time economic output had fallen in three and a half years. government spending dropped, most dramatically in the defense sector. the report, though, also contained some positive developments: consumer spending and business investment were both up. and yesterday, the so-called case-shiller index found that housing prices grew in 20 major cities by an average of 5.5% over the previous year. it was the biggest gain in six years. we talk it through, with joe
had a lot of smart people who work with us here in chattanooga, and, of course, as the economy went bad, that was a downer for everyone, and then the stimulus money came along. we, fortunately, had already completed a very comprehensive business plan that showed that the system would work, and it would pay for itself over time with the savings that can be achieved from the new technology. melissa: yeah, they were giving away good money after bad for, you know, whatever project was going, so you might as well grab it and spend it on good if they spend it no matter what. geek move, awards $11,250 for moving into the city, $10,000 for expenses, and 12,000 for moving. how many show an interest in the opportunity? >> we've had a hundred applications and we'll filter through them. it is a success based on a similar success a few years ago with artists, encouraging people to move here for a specific purpose, and we have neighborhoods where houses are going wadding. geeks, that's a good term in chattanooga, urban pioneers frequently, so with a little incentive, we can bring individuals to c
in washington are giving us what is good for the economy and that is a on a diet while the private sector continues to grow and when you compare us to the last expansion there were 150,000 private sector jobs added herman in the last expansion and in this expansion there are 200,000. believe it or not washington may be helping us. dagen: if times are so great, why is the ten year treasury below 2% on a yield? why hasn't the bond bear market showed up yet? which you were calling for last march? >> you are right. i got to tell you it has probably more to do with the craziness of central bankers than anything else? i was just in davos last weekend we spent a lot of time talking about the monetary policy, what is going on, how unorthodox this all is. the thing that i said to mark carney of the head of the bank of england was waived lb into uncharted waters and acknowledging we don't know how to get home we decided to sell deeper into uncharted waters. we are setting ourselves up for major problems. the fact that the fed continues to keep interest rates this low especially when i can point to
from how people personally did but how does it into the economy? guest: we are seeing an economy that is recovering slowly from the crisis and recession of 2008 and 2009. we can put a number of side for a minute because that is about investment income. even over the long time horizon, we are seeing incomes rise. people are earning more money. people are starting to put people back to work. certainly, this is not a happy days are here again and everything is fine. we are not healed but it is making progress in that direction. host: take a look at a lot of factors. it look at wages and income and rental income. you look at investment income as a whole. that paints a picture of where americans are financially. guest: that's right. you can't buy the things you need if you don't have income. for some, that is a paycheck from their job or from retirees, social security benefits. or for people who have invested a lot, it might be invested -- investment income dividends. wherever it comes from, that is the core of how you buy the things you need and want. host: our guests will take a loo
and fives, i think it's going to cause... have many negative effects on the economy. >> reporter: however, if mortgage rates only move up slightly, that's likely to bring more buyers into the market. that's because many people have been waiting on the sidelines for a signal the housing market has bottomed. suzanne pratt, "n.b.r.," new york. >> tom: as home prices have risen, so have the stock prices of many home builders, with the stock prices more vulnerable than the housing market. the yellow line, the year-over-year changes in home prices. the blue line, the home builders' stomach exchange traded fund. they move higher before home prices do, and move lower before the prices crack. megan mcgrath is with us tonight. you've looked at this relationship between the actual price of homes and the home building stocks. what does the rally in home building stocks tell you today about home prices in the month ahead. >> it is certainly telling us investors are expecting prices to continue to go up, and to go up quite a bit. prices as well as volume. there is a relationship there, too. we heard so
numbers announced yesterday. the economy added 150,000 new jobs, but the unemployment rate ticked up to 7.9%, which is what we have there on our map this was also the lead story in this morning's new york times -- on our map. this was also the lead story in this morning's new york times. patrick, explain how that works, more jobs added, but the unemployment rate goes up. guest: the economy needs to add up -- needs to create enough jobs to make up for people coming into the labour market. this month, we fell slightly short of getting there. it is worth noting, the unemployment rate has a margin for error of 0.2%. when it picks up a 0.1%, we say, it is essentially unchanged. there is a wiggle room for measurements. it is right around par. host: when these numbers come out, the numbers come out, and there is an explanation that they can be adjusted in a month or so down the road trips -- road. guest: tell us about -- as more data comes in, debris-estimate how many jobs came in, and for december, they went from 155,000 jobs to 196,000 jobs. and in november, job growth was showing 146,000 jobs
the today the a tell you what it means for your wallet and the economy. and for some the super bowl is nothing but filler between those often-times hysterical commercials. jon: love them. jenna: we have a sneak peak at madison avenue's finest. it's all "happening now." take a look at unemployment rate, the new one that we got today i think it's going in the wrong direction. the news not all bad, not all good, we'll work through it for you everybody. glad to have you with us on friday. i'm jenna lee. jon: i'm glad it's friday. i'm jon scott. employers adding $157,000 jobs in january continuing the slow pace of job growth we have seen in recent months and years. it didn't make a dent in the unemployment rate. in fact the nation's jobless rate rising in january to 7.9%, clearly not good news. that doesn't seem to be phasing wall street, though. take a look at the dow, up more than 130 points, and approaching 14,000. senior white house foreign affairs correspondent wednesday algoler joins us live. >> reporter: as one analyst put it the top line is not so good but the bottom line is real
Search Results 0 to 49 of about 682 (some duplicates have been removed)